The general election result means we have a hung Parliament, and many have questions over what this means for their personal finances. Here MoneySavingExpert.com founder Martin Lewis gives his initial reaction - while it's a political earthquake, nothing changes for consumers immediately.

A hung Parliament means that no one party holds an absolute majority. As a result, there's uncertainty over who the next Government will be - though a Downing Street spokesperson has said Conservative leader Theresa May will visit Buckingham Palace at 12.30pm to seek permission from the Queen to form a government.

'If it was right for you yesterday, it's likely still right for you today'

Martin's key message to those making big financial decisions is simple. "Remember, no laws have changed, no regulations - only sentiment," he says. "You cannot second-guess the economy, so focus on your own finances. If it was right for you yesterday, it's likely still right for you today."

Here's a video of Martin's initial thoughts on the results, filmed just after 7am on the way to Good Morning Britain:

Speaking on the programme, Martin also warned against getting caught up in the political and media excitement over today's result.

He said: "Don't get caught up in the short-term moment if you're making a long-term decision."

Should I be buying my holiday money – euros, dollars etc – now?

Many consumers have questions over how the election result will affect them – including when buying holiday money. But without a crystal ball, it's impossible to say.

Martin explained: "In terms of buying your currency, the same rules apply as always.

"I'm a big fan of getting yourself a credit card, a specialist overseas credit card such as Halifax Clarity or the Creation Everyday, and make sure of course that you repay it IN FULL.

Martin's general election analysis: What the result means for you
It could take days, if not weeks, for a Government to be formed as parties negotiate

"Or a top prepaid card like Revolut or Monzo, and if you want to buy currency there are ways to do it, such as both Travelex and Moneycorp allow you to pre-order currency at no charge for pick up within 14 days. If you did that now and the rate moves against you then you've locked in today's rate, and if the rate moves in your favour you can always cancel it at no cost and get a new deal on a new day."

At the time of writing, current rates show the pound fell 1.5% to $1.27 and €1.13. To put this in perspective, over the past 12 months the dollar has reached a high of $1.49 and low of $1.20, and the euro hit a high of €1.30 and low of €1.10.

For more, see Martin's blog on Buying euros/dollars before the general election (still relevant as it's about protecting yourself from volatility). Or you could go for a top overseas spending card that gives you perfect exchange rates on the day you spend. More help is available in our 18 cheapest ways to get travel money guide.

Additional reporting by the Press Association.

Martin Lewis
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